88100024 - Laserfiche WebLink

Browse

88- t"\OO~t1, I Beneficiary to act on behalf of Mortgagor upon Mortgagor's failure to comply with the provisions of this Section 2.2.2. 2 . 2 . 3 Upon the occurrence and continuance of any Event of Default, in addition to the remedies set forth in Article III, Beneficiary, shall have the power to foreclose Mortgagor's right of redemption in the Personal Property by sale of the Personal Property in accordance with the Uniform Commercial Code as enacted in the state where the Premises are located. It shall not be necessary that any Personal Property offered be physically present at any such sale or constructively in the possession of Beneficiary or the person conducting the sale. 2.2.4 Beneficiary may sell the Personal Property or any part thereof at public or private sale with notice to Mortgagor as hereinafter provided. The proceeds of any such sale, after deducting all expenses of Beneficiary in taking, storing, repairing and selling the Personal Property (including, without limitation, reasonable attorneys' fees and the allocated costs of staff counsel) shall be applied in the manner set forth in Section 3.2(c). At any sale, public or private, of the Personal Property or any part thereof, Beneficiary may purchase any or all of the Personal Property offered at such sale. 2.2.5 Beneficiary shall give Mortgagor reasonable notice of any sale of any of the Personal Property pursuant to the provisions of Section 2.2.4 and provisions of the Uniform Commer- cial Code as enacted in the state where the Premises are located. Notwi thstanding the provisions of Section 5.2, any such notice shall conclusively be deemed to be reasonable and effective if such notice is mailed at least ten (10) days prior to any sale, by first class or certified mail, postage prepaid, to Mortgagor at its address above set forth, or to such other address as Mortgagor may hereafter designate in writing to Beneficiary. ARTICLE II I EVENTS OF DEFAULT AND REMEDIES SECTION 3.1 Events of Default. Each of the following shall constitute an event of default ("Event of Default"): 3 . 1. 1 If (i) Mortgagor shall fai 1 to make any payment of interest or principal, when and as the same shall become due and payable as set forth in the Loan Agreement or the Note, or (ii) Mortgagor shall fail to make any other payment to be paid by it under the Loan Agreement when and as the same shall become due and payable. 3.1.2 If Mortgagor shall fail to perform or observe any term, condition or covenant hereof (other than a failure of the type described in Section 3.1.1) and, if capable of being remedied, such failure shall continue unremedied for ten (10) days; provided, however, no Event of Default shall be deemed -21- L L L ;i r--- --1 , . i . t ( .. I ./ t:..